U.S. crypto stocks posts modest gains as market eyes recovery
U.S. crypto stocks are beginning to find stability as the crypto market transitions into a calm phase after a long period of volatility.
- U.S. crypto stocks edge higher in pre-market trading, led by SharpLink Gaming (SBET) up 3.28% and Bitmine Immersion (BMNR) up 2.19%, signaling a return of investor confidence.
- Major firms show modest gains, with Coinbase (COIN) rising 0.92% and MicroStrategy (MSTR) up 0.89% despite its recent 487 BTC purchase.
- Crypto prices show stabilization, with Bitcoin trading near $102,900, Ethereum at $3,502, and XRP leading large-cap gains at $2.51, hinting that a broader market recovery may be underway.
The pre-market trading hours of the U.S. saw crypto stock prices generally begin to rise. Leading the way was SharpLink Gaming (SBET) which saw a rise of 3.28%, followed closely by Bitmine Immersion (BMNR) with an uptick of 2.19%.
The largest crypto exchange in the country, Coinbase, saw its COIN stock rise a moderate 0.92%. Strategy Inc., despite its recent 487 BTC purchase which pushed total holdings to 641,692 BTC, saw its MSTR stock rise by only 0.89%.
Other leading players in the industry, including USDC parent company Circle (CRCL), MARA Holdings (MARA), and Riot Platforms (RIOT), also had moderate gains of 0.16%, 0.21% and 0.26% respectively.
The uptick in stock prices comes as the wider crypto market begins to settle and recover from the late October volatility that overtook the market. With price stability returning to the market, the digital assets may be getting ready for their next major moves.
Crypto market eyes recovery after weeks of pressure
Bitcoin (BTC), at the time of writing, is trading at $102,909, down 1.87% in the last 24 hours. The largest cryptocurrency by market cap is down 1.71% over the past week after setting a high of $107,000, where it faced resistance, wiping the week’s gains.
Ethereum (ETH) shares a similar story, giving investors a modest 1.4% gain over the past week. Ether currently trades at $3,502, down 0.88% in the last 24 hours, per market data from crypto.news. After bouncing from support at $3,400, ETH’s price looks to continue its recovery towards $3,750.
Several large-cap altcoins are also following in tandem. Binance coin (BNB) is currently trading at $965, just sliding back into red on the day, down 0.86%. Solana (SOL) is also down about 3% on the day, trading at $156.
XRP (XRP), however, is the only large currently holding onto its recovery gains. The Ripple token is up over 3% in the last 24 hours, trading hands at $2.51. While the recovery across the crypto market and crypto stock assets is still moderate, it is a signal for investors that recovery is likely imminent.
